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It's difficult to recommend the hack officially, just in case it does any harm. It will theoretically invalidate the warranty, but that could probably be overcome by reinstalling the approved firmware if ever you needed to send the camera for repair.
The 300D (and the 10D) has a bootloader, which means that it automatically detects new firmware on the CF card when you switch it on, and installs it automatically. In theory at least, you can always restore the firmware even if it becomes corrupted. The 20D does not have a bootloader, so it relies on running the operating system in order to install an updated version. That caused a few problems when Canon released the first firmware update for the 20D, which had a bug in it!
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"I believe in equality for everyone, except reporters and photographers" - Mahatma Gandhi
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